Mobile access control has the credentials for growth
Memoori’s recent Access Control report notes a strong post-pandemic market rebound, with 10% growth in 2021-2022, reaching around $13.3 billion in 2022. The report highlights the increasing significance of mobile solutions, especially credentials, offering convenience, security, and remote manageability. This trend presents a notable opportunity for user-friendly applications, fostering additional market growth.
Mobile credentials, like virtual keys on smartphones using BLE and NFC, enhance user convenience by leveraging personal devices and minimizing the risk of loss. Cloud-based architecture allows administrators to remotely manage credentials, while specialized applications act as digital keys, controlling access at authorized entry points through card readers.
Steadying growth rate
The access control market, hit by the pandemic, rebounded strongly with over 10% growth in 2021-2022, reaching around $13.3 billion in 2022. Projected growth through 2028, at 5-7% annually, is driven by technology advances like mobile access, biometrics, IoT integration, and touchless access. Investments and upgrades are also influenced by building security and data protection regulations.
Mergers and acquisitions
In the last year, the access control sector saw over $731 million in mergers and acquisitions, including notable deals like SGT Capital buying Elatec RFID Systems for $422 million and Assa Abloy acquiring Evolis for $237 million. This reflects a focus on integration, cloud solutions, and advanced software. Additionally, divestments by Carrier and Bosch could reshape the competitive landscape, aligning with a trend of companies streamlining to focus on core offerings. Memoori’s analysis covered 294 companies, evaluating them based on estimated revenues and size using clear definitions and 2022 estimates.
Evolving through convergence
Access control is evolving by integrating with progressive technologies, with a forecasted increase in enterprise adoption. The future landscape is expected to embrace a hybrid model that combines physical and digital systems, favoring providers with comprehensive solutions and flexible integration capabilities.